Lydec withdraws from the Casablanca Stock Exchange. The public squeeze-out offer, filed by Veolia Environnement with the AMMC, represents a normal continuation of the takeover of Suez, the former parent company of Lydec, by the latter.
Veolia Environnement SA, acting in concert with its wholly-owned subsidiary, Vigie 50 AS, has filed with the AMMC a draft public squeeze-out offer for the shares of the water management delegate and Electricity of Grand Casablanca, Lydec.
Indeed, this filing comes following the indirect crossing of the threshold of 95% of the capital and voting rights of Lydec by Veolia Environnement within the framework of the public tender offer approved by the Moroccan Capital Market Authority (AMMC ), dated April 8, 2022. In its press release, the AMMC notes that “as a result of this filing, the Moroccan Capital Market Authority has asked the Casablanca Stock Exchange to suspend the listing of Lydec shares”.
Thus, the proposed squeeze-out public offer relates to Lydec shares not held by Veolia Environnement SA and Vigie 50 AS, with a view to delisting the Casablanca water and electricity management delegate of the Casablanca Stock Exchange. In addition, the AMMC explains that, according to the provisions of article 31 of law 26-03, it has 15 trading days to examine the admissibility of this project.
“This period is suspended by requests for information and justifications by the AMMC. If the draft public offer is declared admissible, its main provisions will be published in a notice of admissibility.
Remember that Suez, the former parent company of Lydec, was taken over by its competitor Veolia. The latter is present in Morocco through its subsidiaries Amendis and Redal, two operators responsible for the distribution of water and electricity, respectively, in Tangier and Rabat. In terms of Lydec’s performance, and following the recent publication of its financial results at the end of the first quarter of the current year, the operator recorded a turnover of nearly 1.7 billion dirhams, ensuring an increase of 3 .2% compared to the 1st quarter of 2021.
The change in turnover, which is still behind the same period of 2019 (reference year) by 2.5%, is explained by the increase in receipts for works and project management of 52.7%, as well as a slight drop in sales of fluids of 0.9%, indicates Lydec in the press release on its quarterly indicators. In detail, electricity revenue stood at 1.12 billion dirhams, up 0.2% compared to Q1-2021 and down 3% compared to Q1-2019.
For its part, the turnover of the drinking water branch fell by 4% to 296 MDH, following a decrease in sales to individuals by 7%, mitigated by a slight increase in sales to manufacturers and administrations. Delegated Management investments, meanwhile, amounted to 126 million dirhams, up 53.6% compared to the same period of 2021. The level of net debt at the end of March 2022 fell by 41.3 % at 829 MDH.
Sanae Raqui / ECO Inspirations
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